GSK Adjusts 2024 Vaccine Sales Forecast Amid Lower-than-Expected Quarterly Revenue

British drugmaker GSK revised its 2024 vaccine sales forecast after reporting lower-than-expected quarterly revenue from its shingles and respiratory syncytial virus (RSV) vaccines. Shares fell despite beating earnings forecasts. CEO Emma Walmsley emphasized short-term impacts and promised additional data sharing with U.S. agencies to address concerns.

British drugmaker GSK slashed its 2024 vaccine sales outlook on Wednesday after reporting quarterly revenue that missed expectations for its blockbuster shingles and respiratory syncytial virus (RSV) vaccines. This unsettling news sent its shares tumbling.

CEO Emma Walmsley had staked GSK's future on infectious disease drugs and vaccines, including the new blockbuster RSV vaccine Arexvy. Though successful in many regards, the second-quarter sales of Arexvy, which had cornered two-thirds of the U.S. market, came in below analysts' average forecast. Sales of the shingles vaccine Shingrix also did not meet market expectations.

Despite beating second-quarter results forecasts and raising its full-year sales and profit estimates, GSK shares saw a 1.4% drop. Contributing to the decline was a decision by a U.S. public health agency to narrow the recommended age for RSV vaccines, unnerving investors. GSK reported that short-term factors impacted sales but remained optimistic about future growth.